Talos Energy Inc (TALO) 2024 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Talos Energy second-quarter 2024 earnings conference call. (Operator Instructions)

早安，女士們、先生們，歡迎參加 Talos Energy 2024 年第二季財報電話會議。（操作員說明）

This call is being recorded on Thursday, August 8, 2024. I would now like to turn the conference over to Clay Jeansonne for -- to start. Please go ahead.

此電話錄音於 2024 年 8 月 8 日星期四進行。我現在想將會議交給 Clay Jeansonne 開始。請繼續。

Thank you, operator. Good morning, everyone, and welcome to our second quarter 2024 earnings conference call. Joining me today to discuss our results are Tim Duncan, President and Chief Executive Officer; and Sergio Maiworm, Executive Vice President and Chief Financial Officer. For our prepared remarks, we will refer to our second quarter 2024 earnings slide presentation, which is available for viewing and downloading on Talos' website.

謝謝你，接線生。大家早安，歡迎參加我們的 2024 年第二季財報電話會議。今天與我一起討論我們的結果的是總裁兼執行長 Tim Duncan；以及執行副總裁兼財務長 Sergio Maiworm。對於我們準備好的評論，我們將參考我們的 2024 年第二季度收益幻燈片演示文稿，該幻燈片演示文稿可在 Talos 網站上查看和下載。

Now let's start on slide 2, cautionary statements. I'd like to remind you that our remarks will include forward-looking statements. Actual results may differ materially from those contemplated by these forward-looking statements. Factors that could cause these results to differ materially are set forth in yesterday's press release and our Form 10-Q for the period ending June 30, 2024, filed yesterday with the SEC.

現在讓我們從第二張投影片開始，即警告性聲明。我想提醒您，我們的言論將包含前瞻性陳述。實際結果可能與這些前瞻性陳述預期的結果有重大差異。昨天的新聞稿和我們昨天向 SEC 提交的截至 2024 年 6 月 30 日期間的 10-Q 表格中列出了可能導致這些結果出現重大差異的因素。

Forward-looking statements are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events. During this call, we may present GAAP and non-GAAP financial measures.

前瞻性陳述基於截至目前為止的假設，我們不承擔因新資訊或未來事件而更新這些陳述的義務。在本次電話會議中，我們可能會介紹 GAAP 和非 GAAP 財務指標。

A reconciliation of GAAP to non-GAAP measures is included in yesterday's press release, which was filed with the SEC and is available on our website. And now I'd like to turn the call over to Tim.

昨天的新聞稿中包含了 GAAP 與非 GAAP 衡量標準的對賬，該新聞稿已向 SEC 備案並可在我們的網站上查看。現在我想把電話轉給提姆。

Thanks, Clay, and welcome, everyone, to our call. We're looking forward to highlighting a fantastic quarter from an operational and financial execution standpoint and introduce a new project that we picked up in the quarter. So let's get right into the slide deck.

謝謝克萊，歡迎大家撥打我們的電話。我們期待從營運和財務執行的角度強調一個出色的季度，並介紹我們在本季度選擇的一個新項目。讓我們直接進入幻燈片。

Let's jump in on slide 3. As I look at this introduction slide, I always like to start on the right side of the page and talk about the core tenets of our strategy.

讓我們開始看投影片 3。當我查看這張介紹投影片時，我總是喜歡從頁面的右側開始談論我們策略的核心原則。

We like having oil-weighted production in the Gulf of Mexico. We think it's critically important to have infrastructure where we can focus on short cycle times in our drilling inventory and lower breakeven. We think if we execute that program well, it leads to consistent generation of free cash flow, which certainly we saw in the second quarter.

我們喜歡墨西哥灣以石油為主的生產。我們認為擁有基礎設施至關重要，使我們能夠專注於縮短鑽井庫存週期並降低損益平衡。我們認為，如果我們很好地執行該計劃，它將導致自由現金流的持續產生，這當然是我們在第二季度看到的。

We've always been committed to low leverage over the 13 years that we've operated at Talos Energy. And over those 13 years, that's led us to be the fifth largest operator in the Gulf of Mexico, fourth largest acreage holder in the Gulf of Mexico and production guidance for the year between 89,000 to 95,000 barrels equivalent a day. So it's been a journey, and I think this quarter really highlights the impact of what that journey has been for us and what our team has been able to deliver.

在 Talos Energy 營運的 13 年裡，我們始終致力於低槓桿。在這 13 年裡，這使我們成為墨西哥灣第五大營運商、墨西哥灣第四大種植面積持有者，全年產量指引為每天 89,000 至 95,000 桶當量。所以這是一段旅程，我認為本季真正凸顯了這段旅程對我們的影響以及我們的團隊所能交付的成果。

So on page 4, we'll jump right into some of the highlights of the quarter, and I'm going to draw your attention to the first 3 things on the right side of the page, 955,000 barrels equivalent a day, $344 million of adjusted EBITDA and $148 million adjusted free cash flow. Those were all records for the company for the quarter, and we're very proud of that. They're buttressed by having 81% oil liquids leading us to a $40 Boe netback EBITDA margin. Now we spent $123 million of capital for the quarter.

因此，在第 4 頁，我們將直接跳到本季度的一些亮點，我將提請您注意頁面右側的前 3 件事，每天 955,000 桶當量，3.44 億美元調整後EBITDA 和1.48 億美元調整後自由現金流。這些都是公司本季的所有記錄，我們對此感到非常自豪。他們擁有 81% 的石油液體，這使我們獲得了 40 美元的英國石油公司 EBITDA 淨值利潤率。現在我們本季的資本支出為 1.23 億美元。

If you think about that from a reinvestment rate, that's a 36% reinvestment rate on just our capital program. If we include $22 million of P&A spend, that's a 42% reinvestment rate. I think we talked about in previous calls, this was going to be one of those years because of the delivery of new projects as we entered the year and the delivery of the rig in the second half of the year to expect robust free cash flow generation, particularly in the first half of the year, and that's exactly what our team has executed on.

如果你從再投資率來看，我們的資本計畫的再投資率為 36%。如果我們包括 2,200 萬美元的 P&A 支出，則再投資率為 42%。我想我們在之前的電話會議中談到過，這將是那些年份之一，因為我們進入這一年時交付了新項目，並且在下半年交付了鑽機，預計將產生強勁的自由現金流特別是在今年上半年，這正是我們團隊所執行的。

Now with that free cash flow, we were able to also continue to pay down our debt. We paid down $100 million of debt. And then opportunistically, we used some of the previous buyback authorization to buy 3.8 million shares in the open market, and we increased that authorization for another $150 million that we talked about in our earnings release.

現在有了自由現金流，我們也能夠繼續償還債務。我們還清了 1 億美元的債務。然後，我們趁機利用先前的部分回購授權在公開市場上購買了 380 萬股股票，並增加了授權，金額達到了我們在收益發布中談到的另外 1.5 億美元。

If you go to the left side of the page, a couple of things I would highlight, again, maintaining our leverage of 1x. We were able to hit that goal for the year early in the first quarter in part with the sale of our CCS business. Our integration and synergies are on track. I look forward to talking to you about that in a couple of slides.

如果您轉到頁面左側，我會再次強調幾件事，即維持我們 1 倍的槓桿率。我們能夠在第一季初實現這一目標，部分原因是出售了我們的 CCS 業務。我們的整合和協同效應正在步入正軌。我期待在幾張幻燈片中與您討論這一點。

HP-I dry dock went well as we would expect it to. And we're going to introduce a high-impact project called Monument. It's exciting. It's our first real Wilcox play. It's a trend that we've been working on for some time, and we'll talk about that in our call today as well.

HP-I 幹船塢進展順利，正如我們所期望的那樣。我們將推出一個名為「紀念碑」的高影響力計畫。這很令人興奮。這是我們第一次真正的威爾考克斯戲劇。這是我們已經研究了一段時間的趨勢，我們也將在今天的電話會議中討論這個問題。

Let's go to slide 5, and I look at this slide, and I'd be remiss to not shout out to our team and how hard they've worked not only in executing our base business leading into this year, getting a very important transaction done in the QuarterNorth transaction and then immediately executing on that transaction and integration so that we can deliver a pro forma business that's giving us the results that we see on this page. They're not complicated.

讓我們看幻燈片5，我看這張投影片，如果我不向我們的團隊大聲疾呼，我會感到失職，他們不僅在執行今年的基本業務方面付出了多麼努力，還獲得了一項非常重要的交易在 QuarterNorth 事務中完成，然後立即執行該事務和集成，以便我們可以交付預計業務，為我們提供在此頁面上看到的結果。它們並不復雜。

Our hope all along was with the right execution of our base business and the new projects coming online in Venice and Lime Rock, the integration of QuarterNorth and the assets we really liked about that, lowering our base decline. But ultimately, it would deliver more consistent results quarter over quarter. And what you see here in the first two quarters is we beat consensus on production and adjusted EBITDA and adjusted free cash flow each quarter of our first two quarters, and frankly, I would say pretty materially certainly on an adjusted EBITDA basis in the second quarter.

我們一直希望能夠正確執行我們的基礎業務以及在威尼斯和萊姆羅克上線的新項目，整合 QuarterNorth 以及我們真正喜歡的資產，從而降低我們的基礎下降。但最終，它將帶來季度與季度更加一致的結果。你在前兩個季度看到的是，我們在前兩個季度的每個季度都超出了生產、調整後EBITDA 和調整後自由現金流方面的共識，坦白說，我想說，在第二在季度調整後EBITDA 的基礎上，我們肯定會非常重要。

But on page 6, that hasn't changed what our focus has been for 2024 and what our priorities are for the year. We want to keep really working, showing how we can execute on these assets. And we knew by doing so, generate material free cash flow. If you look at the $148 million of free cash flow in the first -- second quarter, add that to the first quarter, that ramps up to $225 million of adjusted free cash flow off these assets for the year. That's just a tremendous amount of free cash flow yield.

但在第 6 頁，這並沒有改變我們 2024 年的重點以及今年的優先事項。我們希望繼續真正努力，展示我們如何執行這些資產。我們知道，透過這樣做，可以產生物質自由現金流。如果你看看第一季和第二季的 1.48 億美元自由現金流，再加上第一季度，這些資產今年的調整後自由現金流將達到 2.25 億美元。這只是一個巨大的自由現金流收益率。

Very happy about that and happy how the business is being executed. I've talked about some of these other items on completing QuarterNorth. We mentioned the annual guidance earlier in the presentation. Let me introduce the third quarter guidance between 92,000 and 97,000 barrels equivalent a day, a little wider range than what we had in the second quarter. That guidance was 93,000 to 96,000.

對此非常高興，也對業務的執行方式感到高興。我已經討論了完成 QuarterNorth 時的一些其他項目。我們在演講前面提到了年度指導。讓我介紹一下第三季的指導值，每天 92,000 桶至 97,000 桶當量，比第二季的範圍稍寬一些。該指導值為 93,000 至 96,000。

We're in a weather season. We think that's appropriate, and we're looking forward to delivering on that. The financial execution has been strong this year. As I mentioned earlier, we hit that 1x leverage target in the first quarter in part because of the sale down to CCS. We continue to keep it there, and we're going to work that a little lower throughout the year.

我們正處於一個天氣季節。我們認為這是適當的，我們期待實現這一點。今年的財務執行力強勁。正如我之前提到的，我們在第一季達到了 1 倍槓桿目標，部分原因是賣給 CCS。我們將繼續保持這一水平，並且全年的工作量都會降低一些。

But by being ahead of schedule, it allowed us to opportunistically buy back some shares in the second quarter. We're going to continue to generate significant free cash flow. That might slow down a little bit in the second half of the year as we get the delivery of the West Vela rig to go drill our high-impact drilling program. But at least to the next part of the strategy, we want to have those prospects in our portfolio. We're excited about what's happening out in Katmai.

但由於提前完成，我們可以在第二季趁機回購一些股票。我們將繼續產生大量的自由現金流。隨著我們交付 West Vela 鑽機來執行我們的高影響力鑽探計劃，這可能會在今年下半年放緩。但至少對於策略的下一部分，我們希望將這些前景納入我們的投資組合中。我們對卡特邁發生的事情感到興奮。

I'll talk about that. We're excited about how we're stacking up some really exciting prospects into '24 and into '25. And then we really want to talk about the Monument project that we farmed into in the last several weeks and what that brings to the table. And in the middle of all this, we're going to keep being tactical in our pursuit of adding value. Monument represents that.

我會談談這個。我們對如何在 24 年和 25 年積累一些真正令人興奮的前景感到興奮。然後我們真的想談談我們在過去幾週投入的紀念碑計畫以及它帶來的成果。在這一切過程中，我們將繼續採取策略性的措施來追求增值。紀念碑就代表了這一點。

Here's a project that we're able to come in post FID, risk is off the table, someone else got it to the FID point, we're entering post FID at a low entry cost and an immediate value add. So excited about the project, and we'll talk about it here in a few slides. Let's stay with the execution though and talk about integration of the QuarterNorth asset. And look, it's -- the team has done a really good job. If you remember from the last call, we were able to close this a little ahead of schedule.

這是一個我們能夠在 FID 後進入的項目，風險已經消除，其他人已經達到了 FID 點，我們以較低的進入成本和立即增值進入 FID 後。對這個項目非常興奮，我們將在幾張幻燈片中討論它。不過，讓我們繼續討論執行情況，並討論 QuarterNorth 資產的整合。看，團隊做得非常好。如果你還記得上次通話的話，我們能夠提前一點完成這個任務。

We thought it ultimately might lead until April before we could close this. We were able to sneak in partial month in March. That led us -- allowed us to really get to the process of what I would call physical integration. So think about the offshore personnel and getting them integrated in our assets offshore, think about internally in the office and getting folks to the right offices, closing down their office, moving folks into our office, changing accounting systems. There's a lot of work involved, and a lot of people really spend a lot of time and effort to do that.

我們認為最終可能要到四月才能結束。我們能夠在三月偷偷溜進半月。這引導我們——讓我們真正進入我所說的物理整合的過程。因此，考慮離岸人員，讓他們整合到我們的離岸資產中，考慮在辦公室內部，讓人們到正確的辦公室，關閉他們的辦公室，把人們轉移到我們的辦公室，改變會計系統。這涉及到很多工作，而且很多人確實花費了大量的時間和精力來做到這一點。

Dragging that through the second quarter probably caused our G&A to go up a little more than I would like it to be in the second quarter, but I think you're going to see that materially come down in the third and fourth quarter. So ran a little hot on G&A in the second quarter to make sure we get this fully completed by the end of the second quarter. You're really going to see G&A, I think, start to walk down in the third and fourth quarter.

拖到第二季可能會導致我們的一般行政費用成長比我希望的第二季要多一些，但我認為你會看到第三季和第四季出現實質下降。因此，第二季的一般行政費用有點緊張，以確保我們在第二季末之前完全完成這項工作。我認為，你真的會看到 G&A 在第三和第四季開始下降。

But what we're really excited about is the synergies we think we've identified that can stay in the system as we really think about annualizing this business going forward. I think I mentioned on a previous call, we thought when we put these assets together, we see some savings, for example, on the insurance size and -- on the insurance side and high-grading that portfolio and being able to figure out kind of the right synergy there.

但我們真正感到興奮的是，我們認為我們已經確定的協同效應可以保留在系統中，因為我們真正考慮未來將這項業務年度化。我想我在之前的電話會議上提到過，我們認為，當我們將這些資產放在一起時，我們會看到一些節省，例如，在保險規模上，以及在保險方面和對投資組合進行高評級，並能夠找出類型那裡有正確的協同作用。

We hope we'd save maybe $7 million between the assets. We ended up saving $10 million. And so just an example of where we're getting ahead of schedule on our synergies, I think we were hoping for $25 million in 2024 out of QuarterNorth. We knew we'd get $5 million by selling the TLCS CCS business. That got you to $30 million. I think we've revised that forecast to $35 million, and over '25, that $55 million synergy forecast, we think we're revising that up in the $65 million range.

我們希望這些資產之間能節省約 700 萬美元。我們最終節省了 1000 萬美元。因此，這只是我們在協同效應方面提前實現的一個例子，我認為我們希望在 2024 年從 QuarterNorth 獲得 2500 萬美元。我們知道透過出售 TLCS CCS 業務我們可以獲得 500 萬美元。這樣你就賺了 3000 萬美元。我認為我們已經將該預測修改為 3500 萬美元，而在 25 年期間，協同效應預測為 5500 萬美元，我們認為我們正在將其上調至 6500 萬美元。

Let's go to page 8 and talk about the drilling program. I'm not going to go through these individually. We've talked about Venice and Lime Rock. They're still performing well.

我們到第8頁來談鑽孔程序。我不打算單獨討論這些內容。我們已經討論過威尼斯和萊姆羅克。他們的表現仍然很好。

We had successes that really wrapped up in the second quarter. And the Lobster Waterflood and the Claiborne Sidetrack, that was a non-op, and then we had a stimulation campaign, which does add workover cost that's somewhat seasonal to when we are doing those activities. You'll see that workover costs come down dramatically as well in the third and fourth quarter, but we're ramping up that campaign.

我們在第二季度取得了真正的成功。龍蝦水驅和克萊伯恩側道，那是一個非操作，然後我們進行了刺激活動，這確實增加了修井成本，這在我們進行這些活動時有些季節性。您會發現第三季和第四季的修井成本也大幅下降，但我們正在加強。

So happy with the results of that activity to date. And then as we get into the second half of the year, we would expect the delivery of the West Vela rig, and that's a seventh gen large deepwater rig that we're going to go drill the Katmai West well with.

對迄今為止活動的結果感到非常滿意。然後，當我們進入今年下半年時，我們預計將交付 West Vela 鑽井平台，這是第七代大型深水鑽井平台，我們將用它來鑽探 Katmai West 油井。

Then we'll go execute on the Daenerys prospect and then ultimately, the Helm's Deep prospect as you get into 2025. Now we still have a rig line that we're working on that will allow us to go get the Sunspear completion. And so that's still a high priority project. We've been working on long leads. We're getting that ready to get production in the first half of 2025.

然後我們將執行 Daenerys 前景，最終進入 2025 年時執行 Helm's Deep 前景。現在我們仍然有一條正在開發的鑽孔機生產線，這將使我們能夠完成陽矛號的完成。所以這仍然是一個高度優先的項目。我們一直在努力尋找長期線索。我們正在做好準備，以便在 2025 年上半年投入生產。

As we think about a rig for that program, we'll also think about finding a rig that can extend that and drill what I would call that middle market part of our portfolio. So if you think of Katmai West and Daenerys and Helm's Deep subsalt high impact, we have a lot of exploitation opportunities, similar to Venice and Lime Rock that don't need that seventh generation rig.

當我們考慮該專案的鑽機時，我們還將考慮尋找可以擴展該專案的鑽機，並鑽探我所說的我們投資組合的中間市場部分。因此，如果您想到卡特邁西部和丹妮莉絲和赫爾姆的深部鹽下高影響，我們有很多開發機會，類似於威尼斯和石灰岩，不需要第七代鑽機。

They can use one of the smaller rigs that can be kind of more available in the program next year, and we're going to be in the market looking for that rig to complement the program in 2025. And then at the bottom, we see Monument. So that's the add to the project.

他們可以使用明年該計劃中更多可用的小型鑽機之一，我們將在 2025 年市場上尋找該鑽機來補充該計劃。然後在底部，我們看到紀念碑。這就是添加到項目中的內容。

What we're able to do there is add that project and not change our capital guidance for the year. And I think that's very important for us to really make sure we emphasize by being ahead of the execution on parts of our program, having a little bit of a delay of rig delivery for Katmai, it opened up a window for us to pull in a high-impact project and not feel like we had to change our capital guidance and then reshape the capital program with this project when we think about '25 and '26.

我們能做的就是添加該項目，而不是改變我們今年的資本指導。我認為這對我們來說非常重要，要真正確保我們強調提前執行部分計劃，卡特邁的鑽機交付有一點延遲，這為我們打開了一個窗口當我們考慮“25”和“26”時，我們不會覺得我們必須改變我們的資本指導，然後透過這個項目重塑資本計畫。

So excited to have that project, and we'll talk about it here in a second. But it's always good to remind ourselves why we like Katmai. I mean it was the anchor of the transaction.

很高興能擁有這個項目，我們稍後會在這裡討論它。但提醒自己為什麼喜歡卡特邁總是好的。我的意思是它是交易的錨。

I said this in the last call. We think this area, we want to go Katmai West and Katmai East, those are two wells going to the bottom right of this page and still humming along at 27,000 barrels equivalent a day gross. We think this is 180 million to 200 million barrel complex when it's all said and done. It's going to take some wells to get there. And the one we're focused on first is Katmai West.

我在上次通話中說過這一點。我們認為這個地區，我們想要去卡特邁西和卡特邁東，這兩口井位於本頁的右下角，並且仍然以每天 27,000 桶當量的速度運轉。我們認為，歸根結底，這是一個 1.8 億到 2 億桶的綜合體。需要打一些井才能到達那裡。我們首先關注的是卡特邁西部。

We really like what that well has done since it's been online for over a year. We've spent a lot of time with advanced engineering data trying to understand it. We think it's seeing a big tank. I'll talk about how that flows into the reserve books, but it needs a well to really prove that story out. And so again, the rigs coming, we look forward to executing on it.

我們真的很喜歡這口井自從上線一年多以來所做的一切。我們花了很多時間研究高級工程數據，試圖理解它。我們認為它看到了一個大坦克。我將討論它是如何流入儲備簿的，但它需要一口井才能真正證明這個故事。因此，鑽孔機即將到來，我們期待著執行它。

The team is focused on it. It's also interesting because it's an asset where we own 50% of the hydrocarbon interest, but we own 100% of the facility. So as we execute on this project with our partners and collect those production handling fees through our partners, there's just another revenue line for us that comes with the success that we've talked about as the importance of owning infrastructure. Now if we go to the next page, I kind of introduced this in the last call. I think it's a good reminder.

團隊專注於此。這也很有趣，因為我們擁有 50% 的碳氫化合物權益，但我們擁有該設施 100% 的資產。因此，當我們與合作夥伴一起執行這個專案並透過我們的合作夥伴收取這些生產處理費時，我們就有了另一條收入線，它伴隨著我們所談論的擁有基礎設施的重要性的成功。現在，如果我們轉到下一頁，我在上次通話中介紹了這一點。我認為這是一個很好的提醒。

Just it shows a couple of things here, the thickness of the hydrocarbon column. And one of the first things that gets us excited is just how thick this is, and these wells are flowing for -- this particular well is flowing between 15,000 and 18,000 barrels equivalent a day gross relatively flat. And so what it was able to prove is what that log. So you look in the middle and that 400 feet of gross thickness, that geology could only prove a part of that structure. We think, obviously, we're seeing a geological response well past that log.

它在這裡顯示了一些東西，碳氫化合物柱的厚度。讓我們興奮的第一件事就是它的厚度，以及這些油井的流量——這口井每天的流量在 15,000 到 18,000 桶當量之間，總量相對平穩。所以它能夠證明的是日誌的內容。所以你看一下中間，總厚度為 400 英尺，地質學只能證明這個結構的一部分。我們認為，顯然，我們看到的地質反應遠遠超出了該記錄。

And some of those reserves are going to be in the probable and possible category. When we drill this well, we'll really be able to put that story together. And so if you look at the graphic, the Katmai West well, that's what's producing Katmai West #2, that's the rig that's coming. We'll also be able to hook right into that infrastructure and flow it back to our Tarantula facility. So this is one of those, not only is it high impact, not only is it a huge catalyst for the company, it's one where we can get results to production in less than 3 to 6 months.

其中一些儲備將屬於可能和可能的類別。當我們鑽這個井時，我們真的能夠把這個故事放在一起。因此，如果您看一下圖形，您會發現卡特邁西井，這就是生產卡特邁西 #2 的井，這就是即將到來的鑽機。我們還能夠直接連接到該基礎設施並將其流回我們的狼蛛設施。所以這就是其中之一，它不僅具有很高的影響力，不僅對公司來說是一個巨大的催化劑，而且我們可以在不到 3 到 6 個月的時間內將結果投入生產。

And again, if I can't reemphasize why it's important for us to own the infrastructure, I think to be able to have something this important to the company and be able to turn it around and get it online quickly in a deepwater environment is exactly why we try to do this. So we're really excited about that.

再說一遍，如果我不能再次強調為什麼擁有基礎設施對我們來說很重要，我認為能夠擁有對公司如此重要的東西，並能夠扭轉局面並在深水環境中快速使其上線，這正是為什麼我們嘗試這樣做。所以我們對此感到非常興奮。

And I also think just talking about this transition and to how we think about proved and probable reserves is important later when we talk about how you should think about our asset set and how much value we think is unlocked outside proved reserves. Daenerys is just one of those prospects. It's again, as the schedule slips a little bit, this slips as well, but we put it in here just to keep it on the radar.

我還認為，當我們稍後討論您應該如何考慮我們的資產組合以及我們認為在探明儲量之外可以釋放多少價值時，談論這種轉變以及我們如何看待探明儲量和可能儲量是很重要的。丹妮莉絲只是其中之一。又是這樣，隨著時間表的推遲，這個也推遲了，但我們把它放在這裡只是為了讓它受到關注。

I think it's going to be one of the most talked about prospects in the Gulf of Mexico next year. This is a large 4-way turtle feature. There's not many of those left in the Gulf of Mexico. It took a long time to really get the right imaging around it. It's a huge feature.

我認為這將成為明年墨西哥灣最受關注的前景之一。這是一個大型 4 向海龜功能。墨西哥灣裡剩下的人不多了。我們花了很長時間才真正獲得正確的圖像。這是一個巨大的功能。

So examples of these turtle structures from the past in the Gulf of Mexico for those who follow the Gulf a little bit, think of Thunder Horse and think of Blind Faith, and those are analog fields. And look, you don't know until you drill it, but we're excited about this. Owning 27% is probably the right interest for us on this. It's an expensive well, but it's a high impact well, and we'll look forward to getting that started next year. So let's talk about the Wilcox trend.

對於那些稍微關注墨西哥灣的人來說，墨西哥灣過去的這些海龜結構的例子，想想雷馬和盲目信仰，這些都是模擬場。聽著，除非你鑽研，否則你不會知道，但我們對此感到興奮。就這一點而言，擁有 27% 的股份可能是我們的正確利益。這是一口昂貴的井，但它的影響很大，我們期待明年開始。那我們來談談 Wilcox 趨勢。

So like many trends in the Gulf of Mexico, as you get deeper into the section and you get more distal to the coast, you find these thick sands. And the Wilcox is a geological play. It exists onshore, but as you get further away from the source, these sands get thicker, but they do get deeper. It makes it harder for them to image and it makes it harder for them to reach. And as you would expect, our friends at the majors led the way in trying to explore for these sands 15-plus years ago.

因此，就像墨西哥灣的許多趨勢一樣，當您深入該區域並遠離海岸時，您會發現這些厚厚的沙子。威爾科克斯是一個地質遊戲。它存在於岸上，但隨著距離源頭越來越遠，這些沙子會變得更厚，但它們確實會變得更深。這讓他們更難想像，也更難到達。正如您所料，我們在各大專業的朋友在 15 多年前就帶頭嘗試探索這些沙子。

But they established good success, and they established production. And what you see on the slide here is you have established fields that have already produced over 1 billion barrels a day, still producing well over 260,000 barrels a day. So we have a successful trend that took a lot of technology to get us comfortable with how to image it, how to drill for it and how to produce it. But we didn't need to be the first mover. What we did is we followed this trend.

但他們取得了良好的成功，並建立了生產。您在此處的幻燈片上看到的是，您已建立的油田日產量已超過 10 億桶，且日產量仍遠超過 26 萬桶。因此，我們有一個成功的趨勢，它需要大量的技術來讓我們熟悉如何成像、如何鑽孔以及如何生產它。但我們不需要成為先行者。我們所做的就是順應這股趨勢。

We've looked at the previous successes. We've even looked at some of the discoveries being developed now and try to decide where do we fit in all of this. And so if you look on the left, the orange are some of the discoveries, the black is some of the new developments that are ongoing and we've seen technology advancements in 20,000 BOP stacks and 20,000 trees.

我們已經回顧了之前的成功經驗。我們甚至研究了現在正在開發的一些發現，並嘗試確定我們在這一切中的位置。如果你看左邊，橙色是一些發現，黑色是一些正在進行的新開發，我們已經在 20,000 個防噴器組和 20,000 棵樹中看到了技術進步。

We started building a position from various sources. And I think I've said in the past, part of our business development is always trying to find out how to attach more acreage to the transactions that we do.

我們開始從各種來源建立立場。我想我過去說過，我們業務發展的一部分總是試圖找出如何在我們所做的交易中增加更多的面積。

And so if you think about the QuarterNorth and the EnVen acreage -- excuse me, transactions, we've always talked about big acreage positions unrelated to the underwritten proved value that we did the transaction on. And so we picked up three Wilcox prospects through both lease sales and multiple transactions over the last four or five years, including Coronado, Enterprise and Dunharrow.

因此，如果你考慮 QuarterNorth 和 EnVen 的面積——對不起，交易，我們總是談論與我們進行交易的承保證明價值無關的大面積頭寸。因此，我們在過去四、五年透過租賃銷售和多次交易，找到了三個威爾科克斯的潛在客戶，包括科羅納多 (Coronado)、Enterprise 和鄧哈羅 (Dunharrow)。

Now as we studied those, we really kept our eyes around the Shenandoah area, and that was first discovered by Anadarko, taken over by Beacon, which is a private company, and they're good partners of ours, and we've always watched their progress and thought about our acreage position and then looked at the Monument discovery that was made by Equinor, but subsequently farmed into by Beacon and Repsol and Navitas.

現在，當我們研究這些時，我們確實把目光集中在謝南多厄地區，這是阿納達科首先發現的，由Beacon 接管，Beacon 是一家私營公司，他們是我們的好合作夥伴，我們一直在關注他們的進展以及對我們的面積位置的思考，然後研究了 Equinor 發現的紀念碑發現，但隨後由 Beacon、Repsol 和 Navitas 開發。

So we approached them and we're able to work a deal out where we're going to kind of come in at 21.4%, join their partnership on what is a post-FID development that we're going to describe here on the next page.

因此，我們與他們接洽，我們能夠達成協議，我們將以 21.4% 的比例參與其中，加入他們的合作夥伴關係，共同探討 FID 後的開發，我們將在下一篇文章中對此進行描述頁。

So I'm on now page 13, and there's a lot going on here, but I'll walk you through it. If you go to the upper right, that's the geological picture. So similar to what we did in Katmai, let's just walk through this geological picture. So they have two discovery wells that help define the geological picture. And that's why you have Netherland, Sewell with a full 2P report of 115 million barrels equivalent gross. So we're going to step into those reserves at our 21.4%.

現在我已經讀到第 13 頁了，這裡有很多內容，但我會引導您完成這些內容。如果你走到右上角，那就是地質圖。與我們在卡特邁所做的類似，讓我們來瀏覽一下這張地質圖片。因此，他們有兩個探井來幫助確定地質圖景。這就是為什麼荷蘭、Sewell 的完整 2P 報告為 1.15 億桶當量。因此，我們將以 21.4% 的比例動用這些儲備金。

On a net basis, that's already worth $265 million. But what makes this even more exciting is there's still an untested fault block there. So not only do we see the initial development, which will be the two orange future wells. So those discovery wells were plugged by the previous operator. The new operating group led by Beacon will drill two new wells.

以淨值計算，這已經價值 2.65 億美元。但更令人興奮的是那裡仍然有一個未經測試的斷層塊。因此，我們不僅看到了最初的開發，即未來的兩口橙色井。因此，這些發現井被先前的作業者堵塞了。由 Beacon 領導的新作業小組將鑽探兩口新井。

Those will be tied back to the Shenandoah facility that's 17 miles away, and we walk in with inventory on the prospective drilling location to the south. So we like this because it checks a lot of boxes. It's been discovered. It's got a couple of wells that can lead us in a short tieback. It's got upside in drilling locations.

這些將被連接到 17 英里外的 Shenandoah 設施，我們帶著南部預期鑽探地點的庫存走進去。所以我們喜歡這個，因為它滿足了很多條件。已經被發現了。它有幾口井可以引導我們進行短暫的回接。它在鑽井地點有優勢。

Ultimately, this could be as big as a five-well development and the facility is going to guarantee us 20,000 barrels a day gross. And then as more [Eulish] becomes available, that we may have more ability to bring those rates up to as much as 30,000 barrels a day gross. So we're in a good spot in terms of risk in having a discovered resource, an appraised resource, upside within the discovery and the new fault block, a facility that we can tie back to with availability to have upside in rate.

最終，該項目的規模可能相當於一個五口井的開發項目，該設施將保證我們每天生產 20,000 桶石油。然後，隨著更多的 [Eulish] 可用，我們可能有更大的能力將這些費率提高到每天 30,000 桶。因此，就擁有已發現資源、已評估資源、發現的上行空間和新斷層塊的風險而言，我們處於有利位置，我們可以將其與可用性聯繫起來以提高費率。

So I'm going to hand it over to Sergio to walk through a couple of the financial slides.

因此，我將把它交給 Sergio 來演示幾張財務幻燈片。

Thank you, Tim, and good morning, everyone, and thank you for joining our call this morning. Before diving into the next slide, I just wanted to provide a couple of thoughts on the business so far and going forward. We're -- we continue to be laser focused on execution of our business plan as evidenced by the performance in the second quarter. It's another quarter of very strong execution in delivering results above and beyond the market expectations. And I expect this execution to continue in the second half of the year as well.

謝謝蒂姆，大家早上好，感謝您今天早上加入我們的電話會議。在進入下一張投影片之前，我只想提供一些關於迄今為止和未來業務的想法。我們將繼續專注於執行我們的業務計劃，第二季的業績證明了這一點。這是另一個非常強大的執行力，交付的結果超出了市場預期。我預計這種執行將在今年下半年繼續進行。

We're reaffirming our full year operational and financial guidance, and we expect to hit all of our numbers in the coming quarters. We're also providing third quarter production guidance of 92,000 to 97,000 barrel of oil equivalents per day, which is in line with current market expectations. It's a bit of a wider range than usual, but that is reflective of the fact that we're entering the thick of weather season offshore. So we think this range is appropriate at the moment. Tim already highlighted Monument, but I just wanted to touch on a couple of different points.

我們重申全年營運和財務指導，並預計在未來幾季實現所有目標。我們還提供了每天 92,000 至 97,000 桶石油當量的第三季產量指導，這符合當前的市場預期。這個範圍比平常要大一些，但這反映出我們正在進入近海天氣最濃的季節。所以我們認為目前這個範圍是適當的。提姆已經強調了紀念碑，但我只想談幾個不同的點。

First, as Tim mentioned, the net value creation of acquiring those assets is $265 million, which is greater than 10% of our market cap. So just by bringing this asset into our portfolio, we're immediately creating significant shareholder value just by having this asset in the -- and delivering on this asset in our portfolio. The other point, that this asset further bolsters our inventory by preserving other high-quality locations of inventory for future drilling.

首先，如 Tim 所提到的，收購這些資產所創造的淨價值為 2.65 億美元，超過我們市值的 10%。因此，只要將這項資產納入我們的投資組合，我們就可以立即透過將這項資產納入我們的投資組合併交付這項資產來創造顯著的股東價值。另一點是，該資產透過保留其他高品質的庫存地點以供未來鑽探，進一步增強了我們的庫存。

Lastly, I just wanted to thank the incredible Talos for the very successful integration of QuarterNorth and for working diligently in finding additional synergies, and I believe that we're going to continue to do that going forward. So turning to slide 14, I just wanted to talk a little bit about our progress so far on our debt repayment.

最後，我想感謝令人難以置信的 Talos 非常成功地整合了 QuarterNorth，並努力尋找額外的協同效應，我相信我們將繼續這樣做。轉向投影片 14，我只想談談迄今為止我們在償還債務方面取得的進展。

We're a little ahead of where we thought we're going to be at midyear. That is even including some of the shares that we repurchased in the second quarter of 2024. So I'm pretty excited of where we are. And looking forward into the second half, I expect Talos will generate free cash flow in excess of the $225 million that we have left on the revolver. So that gives us a lot of flexibility to continue to pay down the revolver going forward.

我們比我們預計的年中目標要領先一些。這甚至包括我們在 2024 年第二季回購的部分股票。所以我對我們現在的處境感到非常興奮。展望下半年，我預計 Talos 產生的自由現金流將超過我們左輪手槍上剩餘的 2.25 億美元。因此，這給了我們很大的靈活性，可以繼續支付左輪手槍的費用。

And turning to slide 15. I'm very excited about our opportunistic share repurchases during the second quarter. As we pointed out before, we've repurchased 3.8 million shares for about $43 million in the second quarter. So that utilized most of the authorization that we already had from the Board. And subsequent to that, the Board authorized another $150 million of potential share repurchases in the future. So that gives us a lot of flexibility to continue to move forward with potential shareholder returns in the future.

轉到投影片 15。我對第二季我們的機會主義股票回購感到非常興奮。正如我們之前指出的，我們在第二季以約 4,300 萬美元的價格回購了 380 萬股股票。因此，這利用了我們已經從董事會獲得的大部分授權。隨後，董事會授權未來另外進行 1.5 億美元的潛在股票回購。因此，這為我們提供了極大的靈活性，可以在未來繼續推進潛在的股東回報。

Turning over to slide 16. There's a lot of really good information here, but I'll focus on the NAV analysis in the center of the slide. I'll start with that first bar on the left, our proved PV-10. So this is the PV-10 of our proved reserves of $5.1 billion.

翻到幻燈片 16。這裡有很多非常好的信息，但我將重點放在幻燈片中間的資產淨值分析。我將從左邊的第一個條開始，即我們經過驗證的 PV-10。這是我們已探明儲量 51 億美元中的 PV-10。

And what I wanted to point out there is that $5.1 billion is already net or, said another way, is already burdened by the cost of P&A. So if someone were to deduct ARO from that $5.1 billion, they would be double counting P&A costs. That is why we showed that graph adding back the ARO and then removing it for clarification purposes to avoid that double counting. The next item that I wanted to point out is the amount of value that Talos has outside of its proved reserves. Those are very real, not pie in the sky.

我想指出的是，51 億美元已經是淨額，或者換句話說，已經是 P&A 成本的負擔。因此，如果有人從這 51 億美元中扣除 ARO，他們就會重複計算 P&A 成本。這就是為什麼我們在圖表中展示了添加回 ARO，然後將其刪除的原因，以便澄清以避免重複計算。我想指出的下一個項目是 Talos 在其已探明儲量以外的價值。這些都是非常真實的，不是天上掉餡餅。

In the case of the probable developed, for example, they're also audited by Netherland, Sewell. They're very real, and we do expect that value to transfer into proved over time. So we do see a lot of value in those proved developed reserves. The other item that we have here on the chart is the value of Monument. So we just talked about -- Tim talked about Monument and I briefly touched on it as well.

例如，就可能開發的情況而言，它們也經過荷蘭 Sewell 的審查。它們非常真實，我們確實希望隨著時間的推移，這種價值會得到證實。因此，我們確實看到了這些已探明已開發儲量的巨大價值。圖表上的另一個項目是紀念碑的價值。所以我們剛剛談論了——蒂姆談論了紀念碑，我也簡短地談到了它。

So that $265 million of value, that is already accretive to our shareholders. So we absolutely count that as value outside of our proved reserves. The third one or the third bucket that I wanted to talk about, that it's not here in the charts and maybe it's a little less intuitive, is the value of our drilling inventory.

因此，2.65 億美元的價值已經為我們的股東帶來了價值。因此，我們絕對將其視為已探明儲量以外的價值。我想談的第三個或第三個桶，它不在圖表中，也許不太直觀，是我們鑽井庫存的價值。

As a reminder, due to different reserves booking rules between offshore and onshore companies, we typically do not book most of our drilling locations in PUDs and that's why they're not already in proved reserve, which is different than some of our shale colleagues that they do include that in their PUDs.

提醒一下，由於海上和陸上公司之間的儲量預訂規則不同，我們通常不會在 PUD 中預訂大部分鑽井地點，這就是為什麼它們尚未探明儲量，這與我們的一些頁岩同事不同他們確實將其包含在PUD 中。

Another point that I wanted to make is, I mean, I fully understand that each investor may have different views on discount rates or perhaps add some additional risking factors in some of the elements that we have here on the page.

我想說的另一點是，我的意思是，我完全理解每個投資者可能對貼現率有不同的看法，或者可能在我們頁面上的一些元素中添加一些額外的風險因素。

But the point that I'm trying to make is that there are a lot of different avenues and enough value here that you can support a much higher value for Talos than the market currently ascribes to us. Look, we understand that there may be other nonfundamental considerations out there. But if we just focus on the fundamentals of the business, there should be significant upside on our market valuation.

但我想說的是，這裡有很多不同的途徑和足夠的價值，你可以支持 Talos 獲得比市場目前賦予我們的更高的價值。聽著，我們知道可能還有其他非基本的考量。但如果我們只專注於業務的基本面，我們的市場估值應該會有顯著的上升空間。

Tim, do you have any additional thoughts that you would like to share?

提姆，您還有什麼其他想法想分享嗎？

Sergio, if I can jump in as well. As you think about the things I talked about earlier in my slides, and we think about the Sunspear completion, which is actually a probable undeveloped, if you think about all that upside we see in the broader Katmai complex, those are things that are outside the proved.

Sergio，如果我也能加入的話。當你思考我之前在幻燈片中談到的事情時，我們會想到太陽之矛的竣工，這實際上可能是未開發的，如果你思考我們在更廣泛的卡特邁綜合體中看到的所有優勢，這些都是外在的東西所證明的.

And so if we think about this business improved as a proxy value for how to think about the value per share, the next question is fine, but then how confident can I be that they're going to deliver and continue to deliver and have that proved to be sustainable. I think the message we're trying to deliver is we've got a lot of that value outside of proved that we think creates the sustainability of this business.

因此，如果我們將這項業務的改進視為如何考慮每股價值的代理價值，那麼下一個問題就很好，但是我對他們將交付並繼續交付並擁有這一點有多大信心？持續的。我認為我們試圖傳達的訊息是，除了證明我們認為創造了這項業務的可持續性之外，我們還擁有很多價值。

So we're looking forward to that execution and then ultimately revisiting the impact that has on slides like this, which leads me to page 17 and why we think the equity value of this company is determined to go up, and we think it's certainly a discount for those entering into the equity story now.

因此，我們期待著這項執行，然後最終重新審視對這樣的幻燈片的影響，這讓我看到第 17 頁，以及為什麼我們認為這家公司的股權價值注定會上漲，我們認為這肯定是一個對於現在進入股票故事的人來說有折扣。

We really believe we have a lot of upside around this infrastructure. By owning this infrastructure, we get hyper-focused on utilizing it and finding inventory that can come back to that fixed cost and ultimately deliver first-in-class, best-in-class netback margins.

我們確實相信這個基礎設施有很多優點。透過擁有這項基礎設施，我們可以高度專注於利用它並尋找可以恢復到固定成本的庫存，並最終提供一流、一流的淨利潤率。

And so we have a high degree of inventory that we're focused on for execution year-over-year. We really had thought that when we integrated these assets and with a lower decline base, we get more consistent results. We're seeing that with a higher-quality asset base than we've had in the past.

因此，我們擁有大量庫存，我們專注於逐年執行。我們確實認為，當我們整合這些資產並以較低的下降基數時，我們會得到更一致的結果。我們看到，我們的資產基礎品質比過去更高。

It is certainly leading us to having these $40 per Boe netback margins, which we think are some of the higher in the space. It's delivering significant free cash flows, evidenced by what we did in the first half of the year at $225 million. Certainly happy about that. That also delivers a large free cash flow yield. And we've always been committed to low leverage.

這肯定會讓我們達到每桶 40 美元的淨利潤率，我們認為這是該領域中較高的。它提供了大量的自由現金流，我們今年上半年的 2.25 億美元的現金流就證明了這一點。對此當然感到高興。這也帶來了龐大的自由現金流收益率。我們一直致力於低槓桿。

We've been here 13 years. We've never had financial distress because of our commitment to keeping our leverage low. We were able to hit that target of 1x in the first quarter, and we're going to continue to push that down. And we do this with a focus on our employees and our community. When you build and start companies, that becomes -- it's a different feeling for our employees being a part of that.

我們在這裡已經13年了。由於我們致力於保持低槓桿率，我們從未遇到過財務困境。我們在第一季就實現了 1 倍的目標，我們將繼續降低這一目標。我們這樣做的重點是我們的員工和社區。當你建立並創辦公司時，我們的員工參與其中會有一種不同的感覺。

We take that very seriously and we're proud of our team and what they're delivering for our company. So with that, we'll open it up for Q&A.

我們非常重視這一點，我們為我們的團隊以及他們為我們公司所做的一切感到自豪。因此，我們將開放它進行問答。

(Operator Instructions) Neil Mehta, Goldman Sachs.

（操作員指示）Neil Mehta，高盛。

Congrats on very good free cash flow execution this quarter. I have 1 specific question and then 1 big picture question. The specific one is on Monument. Can you talk a little bit more about how that came together? And the market has received it well. Are there other opportunities like that as we think about the opportunity set in the Gulf of Mexico?

恭喜本季自由現金流執行非常好。我有 1 個具體問題，然後是 1 個總體問題。具體的在紀念碑上。您能多談談它們是如何結合在一起的嗎？且市場反應良好。當我們思考墨西哥灣的機會時，是否有其他類似的機會？

Yes. Neil, thanks and kind of welcome to the call. I think it came together just as we've been building such a big acreage position. I talked about in the remarks that when we do these transactions, we underwrite proved, but we typically buy big acreage positions around these transactions. Look, the last 2 transactions came with over 700,000 acres.

是的。尼爾，謝謝並歡迎您來電。我認為它是在我們一直在建立如此大的面積位置時聚集在一起的。我在評論中談到，當我們進行這些交易時，我們會承保證明，但我們通常會圍繞這些交易購買大面積頭寸。你看，最後兩筆交易的面積超過了70萬英畝。

And then we also participate. And we're typically a top 5 participant in deepwater in these lease sales. And so we've had our eye on the trend and had our eye on the play. If you look at that slide where I highlight the Wilcox, I noted this Coronado well that has pay in it. We picked that up in a transaction in 2019.

然後我們也參加。在這些租賃銷售中，我們通常是深水領域中排名前五名的參與者。因此，我們一直關注趨勢並關注戲劇。如果你看我突出顯示威爾科克斯的那張幻燈片，我注意到這口科羅納多井有報酬。我們在 2019 年的一筆交易中發現了這一點。

That was our entry point and then we started building from there. So you've got 2 things in play. Did we build an acreage position around this before this deal? Yes. Now how do we think about the right way to enter and the partnership in which to enter?

這是我們的切入點，然後我們從那裡開始建造。所以你有兩件事在運作。在這筆交易之前，我們是否已圍繞此建立了土地面積定位？是的。現在我們如何思考正確的進入方式以及進入的夥伴關係？

And so Beacon is a great operator. This is really their -- kind of their focus is Wilcox development. They're a partner of ours. If you go to the drilling calendar, there was a well, Claiborne, where they're a partner of ours. So we knew them well.

因此，Beacon 是一家出色的營運商。這確實是他們的——他們的重點是 Wilcox 的開發。他們是我們的合作夥伴。如果你查看鑽井日曆，你會發現克萊伯恩有一個井，他們是我們的合作夥伴。所以我們很了解他們。

We've also announced a partnership with -- in an exploration JV with Repsol over the last 6 months that we're working on. So we have partners that we recognize that are developing a major project right around the acreage position that we've been building. So it's a great spot for us to watch this come together. And then specific to the project Monument, Beacon's already drilled 4 wells recently in their Phase 1 campaign. They're constructing a facility that will be delivered in the first quarter.

我們也宣佈在過去 6 個月內與 Repsol 建立合作夥伴關係，建立勘探合資企業。因此，我們認識到一些合作夥伴正在圍繞我們一直在建造的土地開發一個重大項目。所以這是我們一起觀看這場盛會的好地方。具體到 Monument 項目，Beacon 最近在第一階段活動中已經鑽了 4 口井。他們正在建造一座設施，將於第一季交付。

They expect production in the second quarter. So we're going to get a front row seat and watching that come develop -- get developed as we start to spend capital on this project in '25 and then ultimately, drill and complete a couple of wells and get them online in late '26. So acreage position came together over time, partners that we recognize, active activity where we can watch and learn.

他們預計第二季將實現生產。因此，我們將坐在前排，觀察它的發展——當我們在25 年開始在這個項目上投入資金時，就會得到發展，然後最終鑽完幾口井，並在晚些時候將它們上線。因此，隨著時間的推移，面積位置、我們認識的合作夥伴、我們可以觀看和學習的積極活動都聚集在一起。

And ultimately, we think that helps with the execution of the other acreage we've put together. So it's a lot of things coming together to make this work, but it's part of the evolution of the company as well.

最終，我們認為這有助於我們整合的其他土地的執行。因此，需要很多因素共同努力才能完成這項工作，但這也是公司發展的一部分。

And then the follow-up is more a big picture question, which is I really like, Sergio, your slide 16 that walks through how you guys think about value. And the area that I would imagine that you would get pushed back on this calculation is really the use of PV-10, right?

接下來是一個更宏觀的問題，我真的很喜歡 Sergio，你的第 16 張幻燈片演示了你們如何看待價值。我想你會在這個計算中被推遲的領域實際上是 PV-10 的使用，對嗎？

Because there's implicit, I think, with the stock trading north of a 20% free cash flow yield, a view that the cost of capital for Gulf of Mexico, E&P is higher than 10%. So how do you respond to those out there who think that the cost of capital is well higher than the traditional PV-10 metric? And how do you change the market perception about the risk profile associated with your operations?

我認為，因為股票交易的自由現金流收益率超過 20%，這隱含著墨西哥灣勘探與生產的資本成本高於 10% 的觀點。那麼，您該如何回應那些認為資本成本遠高於傳統 PV-10 指標的人呢？您如何改變市場對與您的營運相關的風險狀況的看法？

Yes. Sure, Neil. Thanks for the question, and thanks for joining us. Look -- and I mentioned that in my prepared remarks as well, right? We do recognize that some folks may think about the discount rate here, the cost of capital a little bit higher than the PV-10s, and that's fine.

是的。當然，尼爾。感謝您提出問題，也感謝您加入我們。看——我在準備好的發言中也提到了這一點，對嗎？我們確實認識到，有些人可能會考慮這裡的折現率，資本成本比 PV-10 略高，這很好。

But I think the main focus of that comment was that there's so much value above and beyond PV-10 -- or I'm sorry, above in the unproved reserves that even if you assume a higher discount rate, there's so many other avenues that you can get to a much higher stock price or market capitalization than what we currently have, that folks should feel comfortable even with a higher discount rate that the stock is actually pretty undervalued compared to the fundamental value of our business, right, even at a slightly higher discount rate.

但我認為該評論的主要焦點是，PV-10 之上和之外還有很多價值——或者我很抱歉，在未經證實的儲備之上，即使你假設更高的貼現率，還有很多其他途徑你可以獲得比我們目前擁有的更高的股票價格或市值，即使有更高的折扣率，人們也應該感到放心，與我們業務的基本價值相比，股票實際上被低估了，對吧，即使是在折扣率略高。

So I don't necessarily disagree too much with perhaps a little higher than PV-10 would be the most appropriate discount rate of the business, but I don't think it's that much higher either. But even if you assume that, you can still arrive at a much higher valuation than currently.

因此，我並不一定非常不同意，也許比 PV-10 稍高一點是該業務最合適的折扣率，但我也不認為它高得多。但即使你這樣假設，你仍然可以獲得比目前高得多的估值。

Yes. And I think what I'd try to add to that, Neil, is I think investors can ask, look, these guys have now built a certain level of scale, a certain level of diversity, how do we built into the assets at pro forma from the QuarterNorth transaction and can they keep it up.

是的。尼爾，我想我想補充的是，我認為投資者可以問，看，這些人現在已經建立了一定程度的規模，一定程度的多樣性，我們如何在專業領域建立資產從QuarterNorth 交易中可以看出，他們能保持下去嗎？

And I think that's where you dig into the projects and you think about something like Katmai and you think about something like Monument that we've added and you think about the drilling portfolio that we're going to execute next year and how we think about layering that on year-over-year, I think we're just in a heck of a lot better position and most of that value is outside proved as Sergio alluded to.

我認為這就是你深入研究項目的地方，你會想到卡特邁之類的東西，你會想到我們添加的紀念碑之類的東西，你會想到我們明年將執行的鑽探組合以及我們如何思考逐年疊加，我認為我們處於更好的位置，正如塞爾吉奧提到的那樣，大部分價值都得到了外部證明。

Leo Mariani, ROTH.

利奧·馬裡亞尼，羅斯。

Question here on Monument. Obviously, nice to see the project enter the fold. I know you guys commented that a little bit of additional CapEx to Monument this year basically is kind of counterbalanced by a little bit of other CapEx that's maybe slipping a little bit into next year.

關於紀念碑的問題。顯然，很高興看到該項目投入使用。我知道你們評論說，今年紀念碑的一點額外資本支出基本上被一點其他資本支出所抵消，這些資本支出可能會稍微滑到明年。

But as we look into to '25 or '26, really just trying to get a sense of the capital that you folks are talking about on the Monument project, do you view that as really kind of additive to the budget over the next couple of years? Or can Talos continue to shuffle some things around and possibly push out a few other projects, so that $160 million over the next couple of years isn't necessarily completely additive, but might take the place of some other spend?

但是，當我們研究“25”或“26”時，實際上只是想了解一下你們正在談論的紀念碑項目的資本，您是否認為這確實是對未來幾年預算的補充年？或者 Talos 是否可以繼續調整一些事情，並可能推出一些其他項目，以便未來幾年的 1.6 億美元不一定完全是累積性的，但可能會取代其他一些支出？

Yes, that's exactly right, Leo. And if we think about the incremental spending on Monument, and again, we alluded to that being $160 million net to our interest in '25 and '26, probably 2/3 of that weighted into '26. And so we don't expect to change the long-term view of how we think about capital inside the budget. We can move some projects around. So much of our acreage position is operated.

是的，完全正確，利奧。如果我們考慮到《紀念碑》的增量支出，我們再次提到，我們對「25」和「26」的淨興趣額為 1.6 億美元，可能佔「26」的 2/3。因此，我們預計不會改變我們對預算內資本的長期看法。我們可以轉移一些項目。我們的大部分土地都處於運作狀態。

It's under our control. Frankly, it's around our infrastructure. So we'll be able to still -- as we think about broadly putting the year-over-year program together, it will just be around shifting projects. Look, we've said that we're not going to bury ourselves in the rig market. We're going to try to be opportunistic there.

它在我們的控制之下。坦白說，這是圍繞我們的基礎設施的。因此，當我們考慮廣泛地將逐年計劃放在一起時，我們仍將能夠繼續，這將只是圍繞轉移項目。看，我們說過我們不會埋頭於鑽孔機市場。我們將嘗試在那裡投機取巧。

And so there's a lot of moving pieces that will allow us to let this fit right in, particularly in '25, and then we've got plenty of time to manage around '25. So I think we were in a good spot, and it worked out that we were able to add this project and not change any of our guidance for '24 as well. So everything is -- looks good in that regard.

因此，有許多活動可以讓我們很好地適應這一點，特別是在 25 年，然後我們有足夠的時間來管理 25 年左右。所以我認為我們處於一個很好的位置，而且我們能夠添加這個項目並且不會改變我們對 24 世紀的任何指導。因此，從這方面來看，一切看起來都不錯。

Okay. That's helpful. And then just with respect to the share buyback program, obviously, pretty robust this quarter, and it certainly seems like you guys made some smart purchases here for sure with respect to the stock. How are you kind of thinking about balancing that versus debt paydown as we roll into the second half? And I guess also, we've seen Carlos Slim out there. You're doing some recent buying. Just do you guys have any perspective you can kind of maybe share on what Slim's goals might be with Talos?

好的。這很有幫助。然後，就股票回購計劃而言，顯然，本季度相當強勁，而且看起來你們確實在股票方面做出了一些明智的購買。當我們進入下半年時，您如何考慮平衡債務償還與債務償還？我想我們也見過卡洛斯·斯利姆（Carlos Slim）。您最近正在做一些購買。對於 Slim 與 Talos 的目標，你們有什麼看法可以分享嗎？

Leo, this is Sergio. Let me start with the share repurchases question, and then Tim can address the Carlos Slim part of your question there. Look, the share buyback program, that's an opportunistic program. We're going to continue to evaluate the market. We're going to continue to look for opportunities to kind of do all of that.

利奧，這是塞爾吉奧。讓我從股票回購問題開始，然後蒂姆可以解決您問題中卡洛斯·斯利姆的部分。看，股票回購計劃，這是一個機會主義計劃。我們將繼續評估市場。我們將繼續尋找機會來完成這一切。

Same with the debt repayment, we have a goal of continuing to delever the balance sheet, and we're going to continue to do that. But if the right set of circumstances presents themselves, I think we would absolutely look for potential buybacks. So I don't think it's going to be one or the other. I think there could be a possibility of us continuing to evaluate doing both throughout the remainder of the year.

就像償還債務一樣，我們的目標是繼續去槓桿化資產負債表，我們將繼續這樣做。但如果出現合適的情況，我認為我們絕對會尋找潛在的回購。所以我認為不會是其中之一。我認為我們有可能在今年剩餘時間內繼續評估這兩項工作。

Look, on the Slim family office and purchasing of our shares, we got to know obviously though the entire organization last year when we transacted around Zama. And I certainly don't want to speak kind of further investing history, but I think it's well documented on telecommunications and infrastructure and banking.

聽著，關於 Slim 家族辦公室和購買我們的股票，去年當我們圍繞 Zama 進行交易時，我們對整個組織有了明顯的了解。我當然不想談論進一步的投資歷史，但我認為它在電信、基礎設施和銀行業方面都有詳細記錄。

And I don't know how much they've done specifically to upstream oil and gas. As they got familiar with the project, familiar with how we execute our business, I think they saw a long fundamental view on the company, I think they have a long fundamental view on the constructiveness of the commodity, and we became a good investment for them. Look, they've been nothing but supportive so far for us.

我不知道他們專門為上游石油和天然氣做了多少工作。當他們熟悉這個項目，熟悉我們如何執行業務時，我認為他們對公司有長期的基本面看法，我認為他們對商品的建設性有長期的基本面看法，我們成為了一個很好的投資他們。看，到目前為止他們對我們只是支持而已。

It's something we can keep an eye on, but we certainly like having such a sophisticated long-term fundamental holder of our stock. And so we don't communicate them often on what they're thinking. There's just really the Zama project we have in common. But we know that they're weighing up on energy-related items, and they have a fundamental view that our stock is cheap, and certainly, we appreciate it.

這是我們可以關注的事情，但我們當然喜歡擁有如此成熟的長期基本面持有者持有我們的股票。因此我們不會經常與他們交流他們的想法。我們確實有共同的紮馬計畫。但我們知道他們正在權衡與能源相關的項目，他們的基本觀點是我們的股票很便宜，當然，我們對此表示讚賞。

Jarrod Giroue, Stephens.

賈羅德·吉魯，史蒂芬斯。

Congrats on a strong quarter. My first question, I was just hoping you could provide a little color on the CapEx guidance for the back half of the year. Based on first half actuals and the drilling schedule on slide 8, looks like a little step up in the back half of the year. Do you see this being fairly level loaded or is the end of the year going to be a little higher than 3Q?

恭喜季度表現強勁。我的第一個問題，我只是希望您能為今年下半年的資本支出指南提供一些資訊。根據上半年的實際情況和幻燈片 8 上的鑽探計劃，看起來下半年會有所進步。您認為這是相當水準的負載還是今年年底的負載會略高於第三季？

I can start there, Jarrod. This is Sergio, by the way. Look, we're still thinking that it's relatively level third and fourth quarters. Obviously, with the rig, the West Vela arising towards the end of the third quarter, that may shift around a little bit depending on when the rig is actually delivered. But I would say it's probably going to be relatively balanced on both quarters.

我可以從這裡開始，賈羅德。順便說一句，這是塞爾吉奧。看，我們仍然認為第三季和第四季相對平穩。顯然，隨著鑽孔機的出現，西貝拉號在第三季末出現，這可能會有所改變，具體取決於鑽機實際交付的時間。但我想說，兩個季度的情況可能會相對平衡。

But heavier than this quarter.

但比本季更重。

But happier than the -- this quarter, yes.

但比這個季度更快樂，是的。

Yes. I think -- look, this has been a fantastic quarter. We knew it might be a little lighter on CapEx. We were hot on P&A in the first quarter, so it would be lighter in the second. And that allowed us to generate just an impactful amount of free cash flow. As we get the rig delivery, we'll see what happens in weather season. We'll probably have a little more CapEx spend, and then we'll see where free cash flow lands.

是的。我認為——看，這是一個非常棒的季度。我們知道資本支出可能會減少一些。第一季我們對 P&A 很熱，所以第二季會比較清淡。這使我們能夠產生可觀的自由現金流。當我們收到鑽孔機時，我們將看看天氣季節會發生什麼。我們可能會有更多的資本支出，然後我們將看到自由現金流的落腳點。

Perfect. And then my last one is just on the Lobster Waterflood. I know in the release, you said you don't expect to see the production increase for 12 to 18 months. But I was just kind of curious if you've seen any response on it yet.

完美的。我的最後一篇是關於龍蝦洪水的。我知道您在新聞稿中表示，預計 12 至 18 個月內產量不會增加。但我只是有點好奇你是否看到了對此的任何回應。

Well, we've seen very good performance on injection. I mean the difference there compared to say, the Tornado water flood. And keep in mind for those just trying to understand this, this is a waterflood project where we're not sourcing any outside water. All of it is coming from other wet sands inside the same geological wellbore. And so we're pulling these wet sands in.

嗯，我們已經看到了非常好的注入性能。我的意思是與龍捲風洪水相比的差異。請記住，對於那些只是想了解這一點的人來說，這是一個注水項目，我們不採購任何外部水。所有這些都來自同一地質井眼內的其他濕砂。所以我們把這些濕沙子拉進去。

They then flood the pay sands and ultimately up dip geologically. Other producing wells start to increase their production and increase their reservoir pressure. So it worked marvelously at Tornado. That was deepwater. Those rock properties were world-class here, a little bit more of a mature field, actually a bigger structure and more wells.

然後，它們淹沒了產油砂層，最終地質上傾。其他生產井開始增加產量並增加儲層壓力。所以它在 Tornado 上效果非常好。那是深水。這裡的岩石特性是世界一流的，有點成熟的油田，實際上有更大的結構和更多的井。

It's going to take a little longer to get that water to influence those wells. But the first measure is, can you see the injection happening and working? And we're seeing it work unbelievably well. In fact, I would tell you we're injecting probably 50% more water than we anticipated. And so we think we'll start to see some responses in the next several months, and then we'll start to see real production increases as we get into 2025.

需要更長的時間才能讓水影響這些井。但第一個措施是，你能看到注入的發生和工作嗎？我們看到它的效果令人難以置信。事實上，我可以告訴您，我們注入的水量可能比預期多 50%。因此，我們認為我們將在接下來的幾個月內開始看到一些反應，然後進入 2025 年時我們將開始看到實際的產量增加。

But we're absolutely happy with the way we've completed the wells and the way we're getting injection into the reservoir. And that's the first thing you have to have. If it starts to back up on you, then something went wrong in terms of what you thought about the geology, but everything is working out like we hoped it would, in fact, probably better.

但我們對完井的方式以及注入油藏的方式非常滿意。這是你必須擁有的第一件事。如果它開始支持你，那麼你對地質學的看法就出了問題，但一切都像我們希望的那樣進行，事實上，可能會更好。

Jeff Robertson, Water Tower Research.

傑夫·羅伯遜，水塔研究。

Tim, are there other opportunities across the asset base for waterflood like you've done at Tornado and Lobster?

提姆，整個資產基礎上是否還有其他像您在龍捲風和龍蝦中所做的那樣的水驅機會？

I can promise you, as soon as we started working on Tornado, we started scouring the asset set for another idea. And Lobster, was that idea? I think it's tricky. You've got to really check a lot of boxes. Frankly, you've got to have a little bit of nerve encouraged to just do what we're doing.

我可以向你保證，一旦我們開始發展《龍捲風》，我們就開始在資產集中尋找另一個想法。還有龍蝦，是這個主意嗎？我認為這很棘手。你必須真正檢查很多方框。坦白說，你必須有一點勇氣去做我們正在做的事情。

These two projects were great examples of it. Again, still a lot to do on the Lobster side. We'll keep looking. I think we have a team that when you feel -- taste a little bit of success and that effort is paid itself, you start looking for other ideas. I don't have one on the horizon as I answered the question for you, Jeff.

這兩個項目就是很好的例子。同樣，龍蝦方面還有很多工作要做。我們會繼續尋找。我認為我們有一個團隊，當你感覺到——嚐到一點成功的滋味，並且努力得到回報時，你就會開始尋找其他想法。傑夫，當我回答你的問題時，我還沒有想到這一點。

But look, I mean, the fact that we found two ways to use this application, both in deepwater, which, again, was the first of its kind in the world in the subsea environment, and then in the shelf, where it's been done before, but not in a while, we're happy with what we're doing in that side of our portfolio.

但是，我的意思是，我們發現了兩種使用該應用程式的方法，一種是在深水中，這也是世界上第一個在海底環境中使用該應用程式的方法，另一種是在陸架中，它已經完成了以前，但不久之後，我們對我們在投資組合這方面所做的事情感到滿意。

Can you talk about at a high level how you think about the capital program in 2025, just with all the moving parts of consolidation and whether or not there are additional opportunities like you've executed on Monument? Do you want to keep dry powder, I guess, is the question for the thing that you don't know today?

您能否從高層次談談您對 2025 年資本計劃的看法，包括整合的所有移動部分，以及是否還有像您在 Monument 上執行的其他機會？你想保留乾粉嗎，我想，這是你今天不知道的事情的問題嗎？

Well, I mean, I think you have to be kind of flexible in how you build your plans as you can move some capital in and out so you can fit a project in. But as we think about 2025 and any year we start thinking about walking into the next round of drilling, our basin, it gives us three things. It gives us good geology, good pricing and infrastructure.

嗯，我的意思是，我認為你在製定計劃時必須保持一定的靈活性，因為你可以調入和調出一些資金，這樣你就可以適應一個專案。但當我們想到 2025 年以及我們開始考慮進入下一輪鑽探（我們的盆地）的任何一年時，它給了我們三件事。它為我們提供了良好的地質條件、良好的定價和基礎設施。

And we've got to just keep working on how to utilize all three of those in our drilling programs. So although we have some really high impact things happening with what's going on in Katmai, the Daenerys and now Monument, we've got to go back and find those exploitation, blocking and tackling things like Venice and Lime Rock, which is what we're doing in Sunspear, and putting those more projects in the portfolio next year as well.

我們必須繼續努力研究如何在我們的鑽探計劃中利用所有這三個因素。因此，儘管我們在卡特邁、丹妮莉絲和現在的紀念碑上發生了一些非常有影響力的事情，但我們必須回去尋找那些剝削、封鎖和解決像威尼斯和石灰岩這樣的事情，這就是我們的目標我們正在 Sunspear 開展工作，明年也會將這些更多項目納入投資組合中。

And somewhere in that, we've got to be tactical around our assets and business development. So we always have a little bit of dry powder. We bake into the guidance and we bake into the budget in case something comes our way that can be tactical and can fit in.

在這方面，我們必須圍繞我們的資產和業務發展採取策略。所以我們總是有一點乾粉。我們會納入指導和預算，以防出現戰術性且適合的情況。

If it really, really makes sense, and we have to come back to the market and say, look, now we're talking about outside the budget capital allocation, that's a decision we can certainly make at the Board level and see how that ranks against debt repayments and something like a share buyback. But we like where the opportunity set is in the Gulf.

如果它真的、真的有意義，我們必須回到市場並說，看，現在我們正在討論預算資本分配之外的問題，這是我們當然可以在董事會層面做出的決定，看看它的排名如何反對債務償還和股票回購之類的事情。但我們喜歡海灣地區的機會集。

We like what the extra infrastructure of the last transaction and including the EnVen transaction has done in our ability to put together a portfolio of opportunities.

我們喜歡上一筆交易（包括 EnVen 交易）的額外基礎設施對我們整合機會組合的能力所做的貢獻。

I can ask one quick question on Mexico. With the change in the administration, does that impact at all any of the discussions with respect to progressing Zama? Or is that still just all handled at the ministry level?

我可以問一個關於墨西哥的簡單問題。隨著政府的更迭，這是否會影響有關紮馬進展的所有討論？還是說這一切仍然只是由部會層級處理？

Yes, it really doesn't. I mean, I think it's really more -- there was obviously a lot of moving pieces when we were arguing over unitization and operatorship. And there's been a little more stability by adding such a big local content partner like the Carso organization. That changed some of the development plans and now some of those kind of reworked and recompromised development plans are going through a FEED study.

是的，確實沒有。我的意思是，我認為這確實更多——當我們爭論統一化和運營時，顯然有很多變化。透過增加像 Carso 組織這樣的大型本地內容合作夥伴，穩定性更加穩定。這改變了一些開發計劃，現在一些經過重新設計和重新妥協的開發計劃正在接受 FEED 研究。

And then I think we'll have some updates on that as we get into the second half of the year. So really, all that is less related to the politics and more related to just new partnerships, compromised field development plans, putting that into a FEED study and then ultimately getting it closer to FID. So really unrelated to the politics.

然後我認為，當我們進入今年下半年時，我們將對此進行一些更新。事實上，所有這些都與政治關係不大，更多的是與新的合作夥伴關係、妥協的油田開發計劃、將其納入 FEED 研究並最終使其更接近最終投資決定 (FID) 相關。所以真的跟政治無關。

(Operator Instructions) Noel Parks, Tuohy Brothers.

（操作員說明）Noel Parks，Tuohy Brothers。

I just had a couple. One, listening to the discussion and sort of what you laid out in your presentation, it sort of got me thinking maybe as a reality. Do you see -- I guess I'm wondering if you're seeing the same signs, I am. Are you getting any signs of investor awareness of just creating value through conventional geology in E&P?

我剛喝了幾個。第一，聆聽討論以及您在演講中闡述的內容，這讓我思考也許是現實。你看到了嗎——我想我想知道你是否也看到了同樣的跡象，我是。您是否發現任何跡象表明投資者意識到透過勘探與生產中的傳統地質學創造價值？

And another thing that makes me wonder about this is we've seen some sort of out of the blue onshore A&D in basins looking to redevelop conventional targets. And then sort of the discussion about looking beyond proved reserves to possible and probable, they seem like sort of positive throwback. So I just wonder if you're seeing any appetite out there for just people seeing value creation through geology.

另一件讓我感到好奇的事情是，我們已經看到一些盆地突然出現的陸上開發與開發活動，希望重新開發常規目標。然後，關於超越已探明儲量的討論，轉向可能的和可能的儲量，它們似乎是一種積極的回歸。所以我只是想知道你是否看到人們對透過地質學創造價值的人有興趣。

That's a tough -- look, it's a great question. Frankly, I love the question. It's a tough one to answer. It's not -- when we talk to some of these investors, we try not to say, hey, look, why don't you focus more on us and away from whatever you're doing from time to time?

這是一個很難——看，這是一個很好的問題。坦白說，我喜歡這個問題。這是一個很難回答的問題。事實並非如此——當我們與其中一些投資者交談時，我們盡量不要說，嘿，看，你為什麼不更多地關注我們，而不是時不時地遠離你正在做的事情呢？

We understand the views of thinking about multiyear inventory and TILs and how that fits across the acreage set, and how all that fits into a shareholder return model. Look, we aspire to get this company to a place where it's got the scale and diversity to deliver on those things as well.

我們理解考慮多年庫存和 TIL 的觀點，以及它們如何適應整個面積集，以及所有這些如何適應股東回報模型。看，我們渴望讓這家公司達到規模和多樣性，以實現這些目標。

And doing the buybacks, I think, is important first step for us. But I do think one thing we try to always emphasize about this basin, that's been the second biggest producing oil basin in the country for a long time and for a sustainable amount of time, is that some of the things that we talk about when we think about onshore shale inventory, i.e., the next one is the next best one because the geology is so described and the technology is so well understood that, that's what you should assume.

我認為，回購對我們來說是重要的第一步。但我確實認為，關於這個盆地，我們一直試圖強調的一件事是，它長期以來一直是該國第二大產油盆地，而且在可持續的時間內，我們談論的一些事情是考慮一下陸上頁岩庫存，即下一個是下一個最好的，因為地質學是這樣描述的，而且技術是很好理解的，這就是你應該假設的。

You should not have those assumptions in the Gulf of Mexico. We reinvent this basin over and over again. The technology here is really about drilling applications, subsea applications and seismic applications.

在墨西哥灣你不應該有這些假設。我們一次又一次地改造這個盆地。這裡的技術實際上涉及鑽井應用、海底應用和地震應用。

And we kind of illuminate things this year that we just couldn't see 10 years ago. So I think it's an opportunity to bring investors back to the basin and say, hey, wait a minute, some of the assumptions that I just presume to make when I look at some of my onshore candidates of things to go buy, when I go offshore, these guys have been able to put drilling campaigns together again and reinvent themselves and utilize that infrastructure.

今年我們闡明了 10 年前看不到的事情。因此，我認為這是一個讓投資者回到盆地的機會，他們會說，嘿，等一下，當我看到一些在岸候選產品時，我會做出一些假設，當我去購買時在海上，這些人已經能夠再次整合鑽探​​活動，重塑自我並利用該基礎設施。

They have the benefit of the pricing. They have the benefit of being oil weighted. One thing we didn't talk about Monument, it's 91% oil weighted. That's going to lead to significant netback margins.

他們有定價的好處。它們的優點是油重。關於 Monument 我們沒有談論的一件事是，它的重量為 91%。這將帶來可觀的淨利潤率。

So there are some things that we think the boxes that this basin still checks that you can't always check as easily on some of the onshore plays, recognizing there's some really interesting plays there. We're not trying to push away from that. But we're trying to reintroduce and provide that optionality in someone's portfolio, what our company and what our assets can bring to bear. And frankly, the fact that they're undervalued right now, it's a great opportunity to enter -- kind of enter the equity.

因此，我們認為該盆地仍然檢查一些盒子，但您不能總是在某些陸上游戲中輕鬆檢查，因為認識到那裡有一些非常有趣的遊戲。我們並不是試圖迴避這一點。但我們正試圖在某人的投資組合中重新引入並提供這種選擇性，即我們的公司和我們的資產可以帶來什麼。坦白說，事實上它們現在被低估了，這是一個進入股票的絕佳機會。

Right. Absolutely. And you hit right on where I was going, which is sooner or later, depending whether new play or rediscover play, you do run up against inventory. And that's very much on -- been a driver of consolidation, I'm sure. And it again sort of leads me to the idea of sort of I was saying before, recognizing value in basins that technology can go a lot further.

正確的。絕對地。你剛好說到了我要去的地方，遲早，取決於是新遊戲還是重新發現遊戲，你確實會遇到庫存。我確信，這在很大程度上是整合的驅動力。這再次讓我想到了我之前說過的想法，並認識到盆地的價值，技術可以走得更遠。

And it does seem that this long period with capital investment kind of on a global level of underinvestment in new exploration, and a topic I've heard more in this earnings season on the horizon, the -- maybe really serious issues with fighting base decline that, again, sort of a dull long-term topic. But it's kind of -- once again, we're sort of right back there, and inventory is just kind of the latest sort of symptom of it.

看來，在這段漫長的資本投資時期，全球範圍內對新勘探的投資不足，這是我在即將到來的財報季節聽到的一個話題，也許是對抗基數下降的真正嚴重問題這又是一個無聊的長期話題。但這有點——我們又回到了那裡，庫存只是它的最新症狀。

Yes. Yes. Look, I think, again, some of the onshore plays, you're in core areas, now look let's not underscore that their completions are more efficient, and they're being more efficient with that acreage. They're finding new benches. So again, I'm not going to try to go against that, but I appreciate the emphasis there.

是的。是的。看，我想，再一次，一些陸上項目，你在核心區域，現在我們不要強調他們的完工效率更高，而且他們在該面積上的效率更高。他們正在尋找新的長凳。再說一次，我不會試圖反對這一點，但我很欣賞那裡的強調。

But I do think when you go offshore and you go to conventional geology, if you can find the right mix of risk and reward, you can bring in some assets. And look, we obviously have confidence and hope Katmai is one of them, they just have a different decline profile.

但我確實認為，當你去海外研究傳統地質學時，如果你能找到風險和回報的正確組合，你就可以帶來一些資產。看，我們顯然有信心並希望卡特邁是其中之一，他們只是有不同的衰退情況。

Now to offset that, you don't get as many shots on goal in deepwater, but then you do have an opportunity to find material things and put those into your portfolio. And those are differentiating. And geology is laid down asymmetric.

現在為了彌補這一點，你在深水中的射門次數不會那麼多，但你確實有機會找到物質的東西並將它們放入你的投資組合中。這些都是有差別的。地質學是不對稱的。

It's a long normal distribution of outcomes. So ultimately, to drive the skewness, you have to have some really interesting big projects in the portfolio. And conventional geology offshore operations, it allows you to introduce those from time to time. And frankly, when you step back from that and put it on a global scale, I think big offshore projects has differentiated a lot of otherwise onshore weighted companies, and we can think about things happening in Guyana and Trinidad and Tobago and Namibia.

這是結果的長期常態分佈。因此，最終，為了推動偏度，您必須在投資組合中擁有一些非常有趣的大型專案。和常規的地質海上作業一樣，它允許您不時地介紹那些。坦白說，當你退後一步並將其放在全球範圍內時，我認為大型離岸項目使許多其他在岸加權公司與眾不同，我們可以考慮圭亞那、特立尼達和多巴哥和納米比亞發生的事。

So look, we're early in our journey, but I think we've got the right mix of skills in the company to build something from here.

所以看，我們還處於旅程的早期階段，但我認為我們公司已經擁有合適的技能組合，可以從這裡開始建立一些東西。

There are no further questions at this time. I'll hand the call back over to Tim Duncan for closing remarks. Sir, please go ahead.

目前沒有其他問題。我會將電話轉回給蒂姆·鄧肯（Tim Duncan）做結束語。先生，請繼續。

All right. Thanks. Look, we appreciate everybody joining the call. It's a great quarter for the company. It's a great quarter for everybody involved and how hard we've been working to show the market that this collective set of assets can be differentiating for us and generate some cash flow. It's also kind of a turning point on where we're trying to take the company, the execution we're trying to deliver and the value we're trying to add.

好的。謝謝。看，我們感謝每個人加入電話會議。對於公司來說，這是一個偉大的季度。對於所有參與者來說，這是一個偉大的季度，我們一直在努力向市場表明，這組資產可以為我們帶來差異化並產生一些現金流。這也是我們試圖將公司帶到何處、我們試圖提供的執行力以及我們試圖增加的價值的轉折點。

So really appreciate everyone's attendance, and we look forward to visiting you guys after the third quarter.

非常感謝大家的出席，我們期待在第三季之後拜訪你們。

Ladies and gentlemen, this concludes today's conference. Thank you very much for your participation. You may now disconnect.

女士們、先生們，今天的會議到此結束。非常感謝您的參與。您現在可以斷開連線。